France says sanctions will cause ‘collapse’ of Russian economy

By: 3 years ago

This handout picture published on the Telegram account of the State Emergency Service of Ukraine, shows the square outside the headquarters of the Kharkiv administration in Kharkiv after it was shelled on March 1, 2022. AFP

PARIS — France said on Tuesday that Western sanctions against Moscow over its invasion of Ukraine will cause the Russian economy to collapse.

“We will bring about the collapse of the Russian economy,” Finance Minister Bruno Le Maire told the Franceinfo broadcaster a day after France, the EU and others said they would impose a new round of sanctions on Russia.

The balance of power in the sanctions stand-off between the European Union and Russia is “totally” in favour of the EU which “is in the process of discovering its own economic power”, he said.

On Monday, the EU added top Kremlin-linked oligarchs and Russian President Vladimir Putin’s spokesman to its sanctions blacklist.

Among the high-profile names were close Putin allies Igor Sechin, head of state oil giant Rosneft, and Nikolay Tokarev, boss of pipeline mammoth Transneft.

Three men ranked within Russia’s 10 top richest by Forbes were also added: metals magnate Alexei Mordashov, tycoon Alisher Usmanov, and businessman and Putin friend Gennady Timchenko.

An aide to French President Emmanuel Macron also told reporters Monday that the imposition of new sanctions, which are to “raise the cost” of Putin’s war, was “a priority”.